TotalEnergies sees its 2025 annual profit fall, impacted by oil prices

"TotalEnergies is once again demonstrating its ability to withstand the fall in hydrocarbon prices," thanks to growth in its production across all energy sources, commented CEO Patrick Pouyanné in a statement.

Net profit reached $13,1 billion, or €10,91 billion, on revenue of $201,1 billion, compared to $214,5 billion in 2024.

Results are down for the second consecutive year (15,2 billion euros in 2024), broadly in line with the forecasts of analysts consulted by Bloomberg and FactSet.

TotalEnergies is moving further away from the historic highs of 2023 (€19,8 billion) and 2022 (€19 billion), when soaring energy prices, fueled by the post-Covid recovery and the Russian invasion of Ukraine, boosted its results.

Since then, the oil rush has subsided: in 2025, the price of a barrel traded at around $66 on average, in a highly volatile environment. However, TotalEnergies believes it has partially offset this downward trend thanks to a larger-than-expected increase in its hydrocarbon production of approximately 4%, and a 17% increase in electricity production.

In oil, the group notably benefited from the commissioning of the Mero project in Brazil and the Ballymore project in the United States, and in gas, from the start-ups of Tyra in Denmark and Fenix ​​in Argentina.

Oil markets experienced turbulent months in 2025, between the protectionist offensive of the Trump II era, the escalation of tensions in the Middle East, the tightening of sanctions against Russian oil and the reopening of the taps decided by OPEC+, to revive flagging demand.

The group also highlights its diversification model, both geographical - present on all continents - and energy-related, with more gas and electricity, to better navigate between crises or geopolitical turbulence.

Heading towards gas-fired power plants

On Tuesday, its competitor, the British group BP, announced a collapse in its net profit of 86%, falling to $55 million, due to the drop in oil prices and a heavy write-down related to its activities in the energy transition.

Conversely, last week, the other British giant Shell published a net profit up 11% in 2025 to $17,83 billion, despite the fall in oil prices, offset by sales volume and a decrease in its costs.

Like its peers, TotalEnergies plans to increase its hydrocarbon production in the coming years, a goal it has never abandoned. But while Shell and BP have lowered their climate targets in favor of oil and gas, the French group insists on its "consistent" strategy: combining growth in high-margin hydrocarbons with selective investments in the energy transition.

In September, however, it announced a reduction in its investments, including in the low-carbon segment, and its operating costs, by $7,5 billion over the period 2026-30, in the face of an "uncertain" environment.

This year, the group plans $15 billion in net investments, slightly less than previously anticipated, including $4 billion in low-carbon energy, primarily electricity that can be renewable but also includes fossil fuels. This represents a 25% share, compared to one-third previously. "Our target pace remains $4 billion in investments" per year in low-carbon energy, the CEO told the press.

This €4 billion figure includes an equivalent of €1 billion for the increased stake in the Czech holding company EPH (Energetický a prumyslový holding), whose majority shareholder and chairman of the board is businessman Daniel Kretinsky. With this transaction, which is expected to be finalized by mid-2026, TotalEnergies will acquire 50% of a portfolio of flexible power generation assets (gas and biomass power plants, batteries), allowing TotalEnergies to strengthen its position in power generation in Western Europe.

Globally, it aims for 100 TWh of electricity production by 2030, of which 70% will be from renewable sources and 30% from gas-fired power plants.